Vikram Solar's insolvency petition filed by Isitva Steels has been admitted by NCLT Kolkata. The company is contesting the ₹9.44 crore claim based on a 2019 settlement and is appealing the order.
Vikram Solar Faces Insolvency Proceedings as NCLT Admits Plea
Vikram Solar Ltd's insolvency petition filed by Isitva Steels Private Limited has been admitted by the NCLT Kolkata Bench. The petition is related to alleged unpaid dues of ₹9.44 crore from civil works sub-contracted in 2018. ## What just happened The National Company Law Tribunal (NCLT) Kolkata Bench has admitted an insolvency application against Vikram Solar Ltd. The application was filed by Isitva Steels Private Limited (ISPL) concerning an alleged outstanding amount of ₹9.44 crore, which includes interest. ## Why this matters This admission of the Corporate Insolvency Resolution Process (CIRP) application creates significant legal and regulatory uncertainty for Vikram Solar. While the company remains fully operational and disputes the claim, the NCLT order requires close attention from investors regarding the appeal process and its potential impact. ## The backstory The dispute stems from civil works sub-contracted in 2018 for a solar EPC project in Andhra Pradesh. Vikram Solar states that a full and final settlement agreement was already executed with ISPL on December 7, 2019, and is contesting the ₹9.44 crore claim. ## What changes now Vikram Solar is filing an appeal against the NCLT order before the National Company Law Appellate Tribunal (NCLAT) to protect shareholder interests. Ms. Tripti Agarwal has been appointed as the Interim Resolution Professional (IRP). ## Risks to watch The primary risk is the outcome of the NCLAT appeal. If the appeal is unsuccessful, it could lead to further insolvency proceedings, impacting the company's operations and market standing. ## Peer comparison (No peer comparison data available in the filing) ## Context metrics (time-bound) For Fiscal Year 2026, Vikram Solar reported total revenue of ₹4,802.25 crore and profit-after-tax of ₹470.42 crore. The net working capital cycle improved to 44 days in FY26 from 82 days in FY25. The company has no long-term debt and a Debt-to-Equity ratio of 0.03. ## What to track next Investors should closely monitor the NCLAT appeal proceedings and any updates on the company's operational continuity. The company's financial health, as indicated by its FY26 performance and strong liquidity, will be crucial.
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